Automated banking machines are known in the prior art. A common type of automated banking machine is an automated teller machine are used by consumers to carry out transactions. Such transactions may include cash withdrawals, deposits, account transfers, bill payments, check cashing, issuing scrip, issuing money orders and other types of financial transactions. Automated banking machines may be configured to carry out various types of transactions depending upon the needs of the operator and the transaction function devices that are included within the machine. For purposes of this disclosure an automated banking machine shall be considered to include ATMs and any other machines that carry out electronic transactions including transfers of value.
Automated banking machines have traditionally been operated by banks. Automated banking machines enable banking customers to carry out transactions conveniently without the intervention of a human teller. In recent years automated banking machines have been installed in other types of business establishments. For example automated banking machines are becoming more common in hotels, sports venues, restaurants, service stations and grocery stores. The ability of operators to impose transaction fees has increased the number of automated banking machines. This is because the entities who install such machines are provided with a financial incentive which will often outweigh the cost of acquiring the machine and its operation.
While automated banking machines are more prevalent now than in the past, there is still a substantial cost associated with installing and operating a machine. This is because automated banking machines typically cost several thousand dollars. In addition a person wishing to install an automated banking machine must provide a communications link to a financial transaction processing network which processes the messages that allow the machine to carry out transactions. Further the operator of the machine must often contract with a network switch operator that can route transaction messages to and from the various other networks which communicate with banks and other entities and which can process debit and/or credit transactions.
Further costs associated with operating an automated banking machine often include purchasing a service contract. A service contract is required so that if the machine malfunctions, it is placed back in service promptly. Further, in many situations store owners and others who operate their own ATMs retain a cash handling service to securely replenish the cash within the machine. Such services may also serve to replenish consumable items such as receipt paper, printer cartridges and other items that need periodic replacement.
The costs associated with obtaining and operating an automated banking machine limit the number of establishments that can provide this convenience to their customers.